UAE-Cuba economic ties poised for growth as first joint committee meets in Dubai
Organized under the framework of the trade, economic, and technical cooperation agreement signed earlier by both nations, the session marked a significant step forward in advancing bilateral economic engagement.
The committee meeting was co-chaired by Abdullah Ahmed Al-Saleh, undersecretary of the UAE Ministry of Economy, and Carlos Luis Jorge Mendez, Cuba's first deputy minister of foreign trade and foreign investment. According to the UAE's official news agency WAM, discussions centered on enhancing collaboration in agriculture, food security, infrastructure, transportation, logistics, cultural industries, healthcare, and pharmaceuticals.
Non-oil trade between the two countries has been steadily rising. It reached over $39.1 million in 2024—up more than 2 percent from the previous year and 46.4 percent compared to 2022, WAM reported. The agency added that trade during the first quarter of 2025 rose by 5.6 percent compared to the same period in 2024, and by over 25 percent from the fourth quarter of that year. More than 825 Cuban brands are currently operating in the UAE market.
According to WAM, Al-Saleh said that bilateral ties continue to advance steadily, particularly in the economic and commercial spheres, adding: 'This reflects the visionary leadership of both nations in fostering growth and prosperity and in serving their shared interests.'
He continued: 'The first session of the Joint Economic Committee between the two countries marks a key milestone in enhancing economic and investment relations in the coming period. It expands areas of cooperation in priority sectors, strengthens engagement between the Emirati and Cuban business communities, and explores promising market opportunities — contributing to the national goals of the 'We the UAE 2031' vision.'
Attended by the ambassadors of both countries, the session concluded with an agreement to establish a joint framework that will oversee implementation of the committee's outcomes, ensuring the continuity of economic cooperation and shared growth.
According to WAM, both sides also agreed to coordinate business forums and economic events, exchange trade delegations, and facilitate increased trade and investment flows between Emirati and Cuban companies. The agency added that the two parties proposed organizing joint meetings, seminars, and workshops involving investors, promotion agencies, and financial institutions to attract investment in high-priority sectors.
'They stressed the importance of advancing economic cooperation through new partnerships in entrepreneurship and the startup ecosystem, with the aim of accelerating SME (small and medium-sized enterprise) growth, expanding investments, supporting exports to international markets, and increasing their contribution to the national GDPs (gross domestic products) of both countries,' WAM added.
Food security and agriculture were also top priorities, with both sides expressing interest in boosting trade in food commodities and agricultural products. They also committed to working together on sustainable farming, food processing, and agricultural technology.
Tourism was highlighted as another strategic sector for collaboration. Both nations agreed to co-host exhibitions, events, and conferences to showcase their tourist and heritage destinations. They also discussed sharing expertise and data on tourism resources, statistics, and digital innovations.
The committee's formation follows recent government restructuring in the UAE. Just over two weeks ago, Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai, announced the creation of a Ministry of Foreign Trade, led by Thani Al-Zeyoudi. The Ministry of Economy was also renamed the Ministry of Economy and Tourism, now headed by Abdullah bin Touq Al-Marri.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Arabiya
19 minutes ago
- Al Arabiya
Israel says missile launched from Yemen was intercepted
The Israeli military said Thursday that a missile launched from Yemen was intercepted after air raid sirens sounded in several areas across the country. The Iran-aligned Houthi militia, which controls the most populous parts of Yemen, has been firing on Israel and attacking shipping lanes. The Houthi armed group has said its attacks are in solidarity with Palestinians in Gaza, where Israel's military campaign since late 2023 has killed more than 57,000 people, according to Gaza authorities. Most of the dozens of missiles and drones launched have either been intercepted or fallen short. Israel has conducted a series of retaliatory strikes in response.
Al Arabiya
19 minutes ago
- Al Arabiya
Israel says Gaza ceasefire could come within two weeks, ‘not in a day's time'
A senior Israeli official said a ceasefire agreement with Hamas could be reached within one to two weeks, but 'not in a day's time', Reuters reported Thursday. The official said Israel is prepared to offer a temporary ceasefire as part of ongoing negotiations, but warned that if Hamas does not lay down its arms, military operations in Gaza will continue. The official also revealed that ahead of Israel's recent strikes on Iran, intelligence showed enriched uranium remained stored at the Fordow, Natanz and Isfahan sites and had not been relocated. 'The uranium in Isfahan may still be accessible,' the official added, 'but it would be very difficult to remove it.' The update comes as Hamas confirmed it is prepared to release 10 hostages and that truce talks remain 'tough' due to Israeli 'intransigence.'
Arab News
an hour ago
- Arab News
More than 17 million people in Yemen are going hungry, including over 1 million children, UN says
UNITED NATIONS: More than 17 million people in conflict-torn Yemen are going hungry, including over a million children under the age of 5 who are suffering from 'life-threatening acute malnutrition,' the United Nations humanitarian chief said Wednesday. Tom Fletcher told the UN Security Council that the food security crisis in the Arab world's poorest country, which is beset by civil war, has been accelerating since late 2023. The number of people going hungry could climb to over 18 million by September, he warned, and the number of children with acute malnutrition could surge to 1.2 million early next year, 'leaving many at risk of permanent physical and cognitive damage.' According to experts who produce the Integrated Food Security Phase Classification, a leading international authority that ranks the severity of hunger, more than 17,000 Yemenis are in the three worst categories of food insecurity — crisis stage or worse. Fletcher said the UN hasn't seen the current level of deprivation since before a UN-brokered truce in early 2022. He noted that it is unfolding as global funding for humanitarian aid is plummeting, which means reductions or cuts in food. According to the UN, as of mid-May, the UN's $2.5 billion humanitarian appeal for Yemen this year had received just $222 million, just 9 percent. Yemen has been embroiled in civil war since 2014, when Iranian-backed Houthi rebels seized the capital of Sanaa, forcing the internationally recognized government into exile in Saudi Arabia. A Saudi-led coalition intervened months later and has been battling the rebels since 2015 to try and restore the government. The war has devastated Yemen, created one of the world's worst humanitarian disasters, and turned into a stalemated proxy conflict. More than 150,000 people, including fighters and civilians, have been killed. Hans Grundberg, the UN special envoy for Yemen, told the council in a video briefing that two Houthi attacks on commercial vessels in the Red Sea this week – the first in over seven months – and Israeli airstrikes on the capital and key ports are escalating the conflict. The Houthis have vowed to keep targeting vessels in the key waterway until the war in Gaza ends. Grundberg said freedom of navigation in the Red Sea must be safeguarded and stressed that 'Yemen must not be drawn deeper into regional crises that threaten to unravel the already extremely fragile situation in the country.' 'The stakes for Yemen are simply too high,' he said. 'Yemen's future depends on our collective resolve to shield it from further suffering and to give its people the hope and dignity they so deeply deserve.' Grundberg warned that a military solution to the civil war 'remains a dangerous illusion that risks deepening Yemen's suffering.' Negotiations offer the best hope to address the complex conflict, he said, and the longer it is drawn out 'there is a risk that divisions could deepen further.' Grundberg said both sides must signal a willingness to explore peaceful avenues — and an important signal would be the release of all conflict-related detainees. The parties have agreed to an all-for-all release, he said, but the process has stagnated for over a year.
